I viewed the property (as a spectator), but I legally couldn’t do anything yet.

You can have that same view with any insurance.I don't buy the $80 insurance (warranty) on an appliance, because if it breaks, I have the money to fix or repair it.

The prior response should give you a thorough view of the options that are available but knowing which one to use depends on your particular situation and how creative you can get.The reason for this is because everyone is in a different situation or tax bracket.

Maybe a trust that the rent could be paid into, where it would not be viewed as direct income for the lady.

They may view you as a FSBO.

He gets out the rear-view mirror and laments the fact that he didn't choose top areas to invest in, but there are opportunities today to invest through a TKP in markets with historically strong appreciation and good cash flows. 

Realtor unwilling to view the property alone.

You will know how to account for expenses on each stage and view reports.

Now here is where I get different answers and view points:You buy the investment property, now what?...

Let me answer from my point of view and factors that I believe that will impact the results of rents in a downturn.